Concerns over (higher energy prices) feeding into higher wages have so far not materialized, which has dampened the risk of a rise in inflation expectations.

We see some upside risk to the third quarter and further out balances on the back of energy (particularly natural gas) prices, which continue to sustain themselves at elevated levels.

Without question, this is the worst political-risk year we've seen for energy supplies since 1973.

The Fed is concerned that higher energy costs may give an adverse impact on growth rather than posing a risk to faster inflation. Producer prices also showed latent inflationary pressure eased.

Whenever you introduce a new product, you introduce risk.

Growth, geopolitical risk and potentially higher energy prices point to the possibility of another rise in commodity prices. It's too early to conclude that the upward ascent has ended. We are more likely in the midst of a pause.